{"id":8778,"date":"2021-04-12T15:22:18","date_gmt":"2021-04-12T15:22:18","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=8778"},"modified":"2021-04-12T15:22:18","modified_gmt":"2021-04-12T15:22:18","slug":"market-watch-covid-spike-dims-investor-hope-at-psx","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/12\/market-watch-covid-spike-dims-investor-hope-at-psx\/","title":{"rendered":"Market watch: Covid spike dims investor hope at PSX"},"content":{"rendered":"

KARACHI: <\/strong><\/span>The Pakistan Stock Exchange (PSX) once again tumbled on Monday as rising coronavirus cases in the country rattled investors, pushing the benchmark index down by over 400 points in intra-day trading.<\/p>\n

Talk of a likely lockdown to be imposed in light of the proposal given by the National Command and Operation Centre (NCOC) to contain the spread of Covid-19 amid the third wave weighed on investor sentiment.<\/p>\n

\"Market-watch-Covid-spike-dims-investor-hope-at-PSX-rapidnews-dailyrapid\"<\/p>\n

The market\u2019s reversal was also attributed to political uncertainty on the back of disputes in the 11-party opposition alliance called the Pakistan Democratic Movement (PDM), which forced market players to trade cautiously.<\/p>\n

Despite upbeat remittances data announced during the trading session, which showed inflows touching $2.7 billion in March 2021 and remaining above $2 billion for the 10th consecutive month, bulls failed to maintain their grip on the stock market.<\/p>\n

At close, the benchmark KSE-100 index recorded a decrease of 208.43 points, or 0.46%, to settle at 44,978.05 points.<\/p>\n

Arif Habib Limited, in its report, stated that the market reacted to the NCOC proposal regarding possibility of a lockdown, although a firm decision was yet to be made.<\/p>\n

Selling pressure was evident across the board with the exception of a few stocks, including TRG Pakistan, Ghani Global Holdings, MCB Bank and Fauji Fertiliser, which somewhat supported the index.<\/p>\n

Overall the index lost 428 points during the session and closed down by 208 points.<\/p>\n

The refinery sector, which had lately moved in line with technology stocks, went down in the wake of weak investor sentiment.<\/p>\n

Sectors contributing to the performance included oil and gas marketing companies (-36 points), banks (-32 points), pharmaceutical (-26 points), chemical (-23 points) and cement (-23 points).<\/p>\n

Individually, stocks that contributed positively to the index included TRG Pakistan (+98 points), Fauji Fertiliser (+24 points), MCB (+19 points), Engro Fertilisers (+12 points) and Lucky Cement (+6 points).<\/p>\n

Stocks that contributed negatively were Engro Corporation (-44 points), PSO (-25 points), Oil and Gas Development Company (-22 points), Searle (-21 points) and UBL (-16 points).<\/p>\n

Overall trading volumes jumped to 503.5 million shares compared with Friday\u2019s tally of 688 million. The value of shares traded during the day was Rs19.97 billion.<\/p>\n

Shares of 387 companies were traded. At the end of the day, 130 stocks closed higher, 234 declined and 23 remained unchanged.<\/p>\n

WorldCall Telecom was the volume leader with 73.8 million shares, gaining Rs0.09 to close at Rs1.52. It was followed by TRG Pakistan with 42.2 million shares, gaining Rs9.08 to close at Rs168.69 and Ghani Global Holdings with 38.8 million shares, gaining Rs1.85 to close at Rs30.19.<\/p>\n

Foreign institutional investors were net sellers of Rs18.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.<\/p>\n

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KARACHI: The Pakistan Stock Exchange (PSX) once again tumbled on Monday as rising coronavirus cases<\/p>\n","protected":false},"author":1,"featured_media":8780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-8778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nMarket watch: Covid spike dims investor hope at PSX | Rapid News<\/title>\n<meta name=\"description\" content=\"The Pakistan Stock Exchange (PSX) once again tumbled on Monday as rising coronavirus cases in the country rattled investors, the benchmark\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/12\/market-watch-covid-spike-dims-investor-hope-at-psx\/\" \/>\n<meta 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The KSE-100 Index surged by 1,066 points during trading, reaching an unprecedented level of 90,012 points. This record-breaking rise reflects strong investor confidence and marks a significant moment in the stock market's\u2026","rel":"","context":"In "Business"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2024\/10\/a-10.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":20102,"url":"https:\/\/dailyrapidnews.com\/eng\/2024\/09\/19\/psx-hits-record-high-amid-positive-economic-trends-surpasses-82000-points\/","url_meta":{"origin":8778,"position":1},"title":"PSX hits record high amid positive economic trends, surpasses 82,000 points","date":"September 19, 2024","format":false,"excerpt":"The Pakistan Stock Exchange (PSX) reached an unprecedented milestone on Thursday noon, crossing the 82,000-point mark for the first time in history. This surge comes on the back of positive economic developments, including an expected IMF deal at the end of the month, a reduction in interest rates, and a\u2026","rel":"","context":"In "Business"","img":{"alt_text":"PSX hits record high amid positive economic trends, surpasses 82,000 points","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2024\/09\/a-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":21217,"url":"https:\/\/dailyrapidnews.com\/eng\/2025\/04\/09\/stock-market-crashes-over-2600-points-as-investor-panic-grips-psx\/","url_meta":{"origin":8778,"position":2},"title":"Stock market crashes over 2,600 points as investor panic grips PSX","date":"April 9, 2025","format":false,"excerpt":"The Pakistan Stock Exchange (PSX) witnessed a severe downturn on Wednesday as the benchmark KSE-100 index plunged by more than 2,600 points within just one and a half hours of trading, sparking fresh concerns among investors and analysts alike. The trading session, which marked the third business day of the\u2026","rel":"","context":"In "Business"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2025\/04\/a-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":20404,"url":"https:\/\/dailyrapidnews.com\/eng\/2024\/11\/07\/psx-100-index-crosses-92000-benchmark-once-again\/","url_meta":{"origin":8778,"position":3},"title":"PSX 100-Index crosses 92,000 benchmark once again","date":"November 7, 2024","format":false,"excerpt":"The Pakistan Stock Exchange (PSX) witnessed a strong upward trend at the start of today\u2019s trading session, with the benchmark KSE-100 Index gaining 500 points to reach 92,525 points. The increase comes after the index closed at 92,021 points with a decrease of 282 points at the end of the\u2026","rel":"","context":"In "Business"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2024\/10\/Untitled-1-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":20110,"url":"https:\/\/dailyrapidnews.com\/eng\/2024\/09\/20\/psx-achieves-historic-milestone-crosses-82000-point-threshold\/","url_meta":{"origin":8778,"position":4},"title":"PSX achieves historic milestone, crosses 82,000-point threshold","date":"September 20, 2024","format":false,"excerpt":"The Pakistan Stock Exchange (PSX) has achieved a historic milestone by reaching the highest level ever recorded in a remarkable turnaround, surpassing the significant threshold of 82,000 points. The KSE-100 Index surged by 666 points, ultimately closing at an impressive 82,125 points. 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During trading, the PSX witnessed a surge of over 900 points; however, profit-taking activities caused the index to dip slightly below\u2026","rel":"","context":"In "Business"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2024\/12\/a-8.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/8778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=8778"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/8778\/revisions"}],"predecessor-version":[{"id":8781,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/8778\/revisions\/8781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/8780"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=8778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=8778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=8778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}